The administration of claims can be incredibly complex, particularly if the claimant involved suffered catastrophic injuries. Adjusters and examiners are often on the front lines of the claim, tasked with many duties including claimant indemnification. Whether a claim falls under workers’ compensation or automobile no-fault coverage, it’s important for an insurance company to also focus on claimant engagement and claimant satisfaction levels. Ultimately, an increase in claimant satisfaction levels translates into increased retention for an insurance company. The reverse is also true: if your insurance company fails to improve claimant engagement and satisfaction, your retention levels will drop and you may lose insureds.
Industry Experience
Northwood is in the business of creating exceptional experiences for both insurance companies and its claimants. With over 20 years of experience as a third-party administrator (TPA) of claims, there are a variety of processes that Northwood implements for insurance companies that contribute not only to increased productivity and decreased claims cycle times, but also to claimant satisfaction levels.
Provider Network
Northwood has contracted an extensive network of providers located across the United States. These providers are thoroughly reviewed and credentialed before joining the network and also offer discounted pricing on physician prescribed services. While the insurance company benefits from these lowered costs, the savings can then be passed along to the claimants and the insureds. Lowered insurance premiums and reduced claims costs contribute to satisfied claimants who continue to insure with the company long after their claim is closed. When retention levels increase in this manner, this significantly impacts an insurance company’s bottom line.
Eliminating Out of Pocket Cost
With Northwood’s provider network, insurance companies benefit from discounted pricing but claimants will also experience a more convenient process for filling physician prescriptions. Once the prescription has been pre-authorized by Northwood and determined to be injury related, the claimant can pick up his or her prescription without needing to pay out of pocket for it. This also eliminates the need for claimants to submit a tedious reimbursement request under their claim which in turn reduces the potential for errors within all claims.
Convenient Customer Care Line
Another example of the stellar experience available to claimants through Northwood’s partnership with the insurance company involves the customer care line. This call center is a resource for a company’s adjusters and examiners. If an adjuster has questions about prescription medications and whether they are injury related for example, he or she can contact Northwood to resolve the question in a timely manner. This will increase adjuster productivity levels and also ensure that the claimant receives the proper injury related prescription as quickly as possible. When claimants experience fewer delays within their claim, they tend to be more satisfied with the claim and with the insurance company overall.
Ensuring that claimants have a high satisfaction rate with their claims eventually translates to an increase in retention and engagement for insurance companies. Convenience, lowered costs and decreased claims cycle times are all contributing factors to the satisfaction level of a claimant. For an in-depth review of the ways that Northwood can assist your insurance company with claimant engagement, schedule a meeting with Rosanne Brugnoni at 586-755-3830 ext. 3771.
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